USDA - 100% Home Financing and lower Mortgage Insurance than FHA Loans!

Updated July 10, 2023

Rural areas of USA may qualify for this 100% Special Financing that includes lower Mortgage Insurance rates than FHA Loans.

Program Features:

Provides up to 100% special financing for Mortgage Home Loans in participating Florida Counties
Buyer does not need to be 1st time Home Buyer.
Seller can contribute up to 6% towards Closing Costs.
Buyers cannot have more than $15,000 in non-retirement liquid assets. An excess of $15,000 must be used as down payment.
Borrower must have three active trade lines, no alternative credit.
Higher Income limits than typical state or county programs.
FICO 5-4-2 middle credit score minimum for mortgage would be 640 or higher. A 660 or higher middle score is preferable to GUS (Government Underwriting System).
In the case of a USDA - Rural Development loan, lower credit scores adversely affect lower debt-to-income ratios to be lower for Borrower.
Maximum purchase price of FHA County limits in area purchased.
Lender credit available depending on how high credit scores are at the time they are pulled.
Both forms or Mortgage Insurance, (upfront and monthly mortgage insurance) are significantly lower than FHA Mortgage Insurance.
No Prepayment Penalty Fee if loan is paid out early.
Seller can contribute up to 6% towards Buyers Closing Costs.
Area population density determines if USDA Loan is available option in the area you want to move to.

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